Reggie is a self-employed taxpayer who turns 59 years old at the end of the year (2018).
Question:
Reggie is a self-employed taxpayer who turns 59 years old at the end of the year (2018). In 2018, his net Schedule C income was $300,000.This was his only source of income.This year, Reggie is considering setting up a retirement plan.What is the maximum amount he may contribute to the self-employed plan in each of the following situations?
a. He sets up a SEP IRA.
b. He sets up an individual 401(k).
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Taxation Of Individuals And Business Entities 2019 Edition
ISBN: 9781259918391
10th Edition
Authors: Brian C. Spilker, Benjamin C. Ayers, John Robinson, Edmund Outslay, Ronald G. Worsham, John A. Barrick, Connie Weaver
Question Posted: